Academic journal article Journal of Marketing and Management

Assessment of Entrepreneurial Activity in Nigeria

Academic journal article Journal of Marketing and Management

Assessment of Entrepreneurial Activity in Nigeria

Article excerpt

1.0 Introduction

The entrepreneurship has been generally acknowledged as a key important activity for economic growth and development, the nature of this activity however varies in character and impact. One interesting dimension of the concept is the differential role it plays at different levels of socio-economic development in societies. In other words, entrepreneurial activities have been found to be functioning differently in different levels of economic development.

High growth entrepreneurship has been found to be a key contributor to employments generations; equally national competitiveness largely depends on innovative activities and cross border entrepreneurial ventures. The success of a nation could therefore be said to be dependent on the dynamic entrepreneurship sector.

The dynamic nature of entrepreneurship exposes nations to operate to its whims. For instance, increased entrepreneurial activity in developed economies serves to reposition dying industries; provides new jobs to compensate for employment problems created by corporate restructuring and downsizing; and to generally enhance economic flexibility and growth (Thomas & Mueller, 2000). While in less developed countries, in which Africa and in particular Nigeria belongs, entrepreneurship functions in the following areas: stimulation of economic growth (Harper, 1991); replacement of crumbling and non performing state-owned enterprises; a means of employment generation; and an avenue for empowering the disadvantaged segment of the population (Oluremi & Gbenga, 2011).

The general perception among scholars and researchers seems to suggest that technical entrepreneurship talent involves the establishment and management of manufacturing industries for productive activities in the real sector of economy is lacking in Africa. According to World Bank Study carried out by NilsHenrik and Morch (1995) the poor growth performance of most Sub-Saharan African countries and in particular the slow rate of industrialization is as a result of lack of technical talents among the African entrepreneurs.

Nigerian economy has been predominantly occupied by series of businesses that are hardly classified as entrepreneurial this is because the entrepreneurship activity contribution to the gross domestic product is very minimal in the country; this is evidenced by the low level business sophistication and innovation in the global competitiveness index (Klaus, 2016). The ease of doing business in the country is also considered as another major problem due to so many factors some of which include i) lack of access to finance ii) corruption and iii) inadequate supply of infrastructures (Klaus, 2016).

It is against this backdrop that this study was conducted to assess the level of entrepreneurial activity in Nigeria with a view to identifying the nature and phase of entrepreneurships in the country, this is with a view to identifying areas that might require the attention of policy makers so that appropriate measures could be taken to reinvigorates entrepreneurships, considering the current government efforts that are geared towards speedy economic recovery and improvement in the global competitiveness index ratings.

The study therefore addresses the following questions - i) what is the level of entrepreneurial activity in Nigeria? ii) What is the level of innovative activity of entrepreneurs in Nigeria? The objectives of the study are mainly: i) to identify the level of entrepreneurial activity in Nigeria as well as ii) to determine the level of innovative activities of entrepreneurial firms in Nigeria.

The paper is a conceptual review study that was developed using secondary sources of data. Essentially, the researchers reviewed existing literatures in the area that include the publications of Global Entrepreneurship Monitor (2013) and the Global Competitiveness Report (2016) and data were analyzed using descriptive statistics. The reports provide the researchers with useful data on both the extent and nature of entrepreneurial activity in the country. …

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